A vacant plot is like an empty canvas to construct the property of your dreams. Want to live in a self-constructed home surrounded by lush greenery? You can do that when you buy a vacant plot.
Before you do that, let’s discuss what you should and shouldn’t do while you’re purchasing vacant land.
5 Do’s When Buying Vacant Plot or Land
Consider The Location
Location is a very crucial factor when buying a plot. So, go for plots in a good location with serene surroundings, high-growth potential, and an excellent appreciation rate.
In addition to that, check for amenities and facilities near the location too. Ask yourself if they are easily accessible or not. Also, check for transportation facilities and coverage and ensure that it’s easy for you to travel anywhere and everywhere.
Have a Detailed Overview Of Your Finances
Buying a plot and then constructing a house on it can be a costly affair. So, to buy a vacant plot of land, you have to manage your finances well and prepare yourself for this investment in advance. Start with having a detailed analysis of your finances and enforce an effective plan.
Work With A Reputed Real Estate Broker To Find Amazing Plots In Bangalore
For any property type, you can employ an experienced real estate agent to pick the right deal according to your needs. Also, since they conduct in-depth research on each plot, you get a good deal.
Consider their experience and previous vacant plot dealings when looking for the correct agent. You may also ask around for feedback on their service to gain additional information.
Check the Legal Verification and Land Approvals
Before buying a plot, don’t forget to check legal approvals and certificates. That’s because if you don’t check you can get scammed and lose all your life savings.
So, get your certificates verified by a legal professional and avoid getting duped by duplicates of the property papers.
Research the Prices of Neighbourhood Plots
Before you buy any plot, it’s essential to know what the neighbourhood plots would cost. That way, you can assess its appreciation rate and get an excellent deal. Plus, if possible, also try to know the current prices of the houses built on such plots. After you know the price, fix the budget to build your home.
4 Don’ts When Buying Vacant Plot or Land
Don’t Expect to Get a Loan for the Vacant Plot
If you’re looking for bank investment to buy a vacant plot, you’d be up for huge disappointment. That’s because banks offer very little support for buying vacant plots as they find it to be a risky deal. Ye, you can get a good amount as a loan if you have your entire home construction planned.
Don’t Forget to Research about the Plot and Location
Doing thorough research is very important to get the best deal at the best price. So, go through the surveys, talk to experienced people, and read books and blogs on the internet. Though a good agent will do his work, you can’t neglect to double-check the information.
Don’t Forget to Go Through its Environmental Test Results
Soil quality plays an important role in building and holding your construction to the ground. Plus, it also determines the type of home you can build on this plot. So, if your land is barren, cultivating a garden or having greenery would be nearly impossible. Avoid getting into situations you’re not prepared for by checking the pollution results and testing the soil on the plot.
Don’t Skip To Check Your Property’s Zone
Based on use, the government divides land into various zones such as:
1. Residential use – For living purposes
2. Mixed-use – For residential and commercial purposes
3. Commercial use – For businesses, shops
4. Agricultural use – For agriculture
So, inquire about the zones of each plot for sale in Bangalore and laws about these zones.
Final Remarks
Since buying a plot is expensive, exercise caution before going through with it. Though you have a lot of plots for sale in Bangalore, not every plot is worth your investment.
